What is the difference between net income and gross income?
Gross income is the total amount of income that an individual or business earns before any deductions or taxes are taken out. Net income, on the other hand, is the total amount of income that remains after all deductions and taxes have been taken out. Gross income may include income from wages, salaries, investments, and other sources. Net income, on the other hand, is a more accurate measure of an individual's or business's financial health, as it takes into account all expenses and deductions.